Michael Bloomberg returning to financial company

September 3
EXECUTIVES
Bloomberg returning to financial company

Former New York mayor Michael R. Bloomberg will return as head of Bloomberg, the financial data and news company he founded, replacing Daniel Doctoroff, who has decided to step aside at the end of the year, the company said Wednesday.

“Bloomberg LP will not name a replacement, but rather will again be led by Mr. Bloomberg with support from the existing leadership team,” the company said.

The former mayor, who is the company’s majority shareholder, said in the statement that “this is a sad day for me and my company. I really wanted Dan to stay and continue in his leadership role. But I understand his decision.”

Bloomberg, who stepped down as New York mayor last December, added that he “never intended to come back to Bloomberg LP” after 12 years in office.

“However, the more time I spent reacquainting myself with the company, the more exciting and interesting I found it — in large part, due to Dan’s efforts.

“I have gotten very involved in the company again and that led to Dan coming to me recently to say he thought it would be best for him to turn the leadership of the company back to me,” Bloomberg added.

“It was a gracious and thoughtful offer and one that I finally accepted after significant pushback and great reluctance,” he said.

— Reuters

FEDERAL RESERVE
Banks subject to ‘liquidity’ rules

Federal regulators are requiring big banks to keep enough high-quality assets on hand to survive during a severe downturn, the latest move under a congressional mandate to lessen the likelihood of another financial meltdown.

The Federal Reserve adopted rules on a 5-to-0 vote Wednesday that will subject big U.S. banks for the first time to “liquidity” requirements. Liquidity is the ability to access cash quickly. The Federal Deposit Insurance Corp. and the Treasury Department’s Office of the Comptroller of the Currency adopted the rules later in the day.

Fed Chair Janet L. Yellen called the rules “a very important regulation that will serve to strengthen the resilience of internationally active banking firms.”

The 15 largest banks — those with more than $250 billion in assets — will have to hold enough cash, government bonds and other high-quality assets to fund operations for 30 days during a time of market stress. Smaller banks — those with more than $50 billion and less than $250 billion in assets — will have to keep enough to cover 21 days. Banks with less than $50 billion in assets and nonbank financial firms deemed by regulators as posing a potential threat to the system will not be subject to the requirements.

Combined, the largest banks will have to hold an estimated $2.5 trillion in high-quality assets to meet the requirements. The banks already hold all but about $100 billion of that amount, according to the Fed.

— Associated Press

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